I'm not an accountant and this is probably basic accounting 101, but is it normal when viewing the balance sheet report as of Dec 2019 for an account to have a huge balance (like $60k) but only one small transaction($500) in 2019? I'm also googling what balance sheets are supposed to show since that's probably helpful info for me to know!

@Becca A This is very possible, maybe even likely. What is the account name? Balance Sheet accounts are cumulative (meaning they carry over from fiscal year to fiscal year) where as income statement accounts are not (they close to retained earnings at the end of every year)

It's a fixed asset account type called "Furniture." So if someone is asking me to compare transactions in a saved search for 2019 to the balance sheet, I'm not really going to be able to do that. I'll likely have to look at each account and see which transactions make up that account balance. I'm only doing this because the executive we built the saved search for doesn't trust it so I am trying to prove it's correct. The search was mostly made up of income statement accounts, so I had no problem comparing that, but there are a few balance sheet accounts (Fixed Assets) and I was hoping to use the balance sheet to compare against.

That would make a ton of sense

We are currently in the process of implementing Fixed Asset Management. You don't want to know how the implementation process is going. They've uploaded/deleted all the assets at least 3 times now. It's a hot mess. However, I'm not the one managing the project so I'm just saying not my problem haha. They are managing assets in Excel currently so I might go back to the accounting team asking me to do this and talk to them.

A balance sheet account carries the balance over from the prior month. So in other words, an entry or an opening balance must have been made prior to 2019 to place the 59.5K in there. That plus the 500 would make it 60K

For what it's worth - the issue with FAM isn't unique to you. It's a challenging process.

I’ve done a fixed assets implementation and while it is tedious it does require thinking ahead a bit to and be aware of how netsuite will approach things that you upload. Each asset has to be uploaded atleast 3x

They really should make the process easier.

NetAsset was actually made by guys who worked at netsuite in the financial excellence center. I have seen a little bit of it and I love it. But because of our sheer volume we won’t be moving to it.

Ah well I think the team attempting it is not thinking that way, I can almost guarantee it. They started it with NetSuite consultants about a year and a half ago and now are trying again but on their own. I'm not part of the project, no matter how many times I've tried to insert myself in to help out, but at this point, I'm just going to let them deal with it. Glad to hear it's a painful process for others. That's a bit comforting.

Glad to hear they are not wanting to hear from you. Even better for you and that’s either a lot of want to learn or arrogance. Either way happy for ya!

I heard NetAsset actually performs better from a volume standpoint - and generally it's what my colleagues who do FAM prefer.